BPO sector expected to fare better this year
Overseas Filipino Workers’ (OFW) remittances are expected to decline by 10 per cent this year due to the COVID-19 pandemic, but the business process outsourcing (BPO) industry is expected to fare better.
New York-based GlobalSource Partners said the World Bank expects global remittances to decline by 20 per cent this year, with remittance inflows to East Asia and the Pacific seen to decline by 13 per cent. As a result, the country’s current account (CA) deficit will widen to 1.3% of gross domestic product (GDP) this year and to 1.9% of GDP in 2021 from 0.1% of GDP last year.
“Although we are forecasting exports to slide, imports will fall more due to the forecast decline in domestic demand and soft oil prices that slashes the country’s import bill by about half,” GlobalSource said.
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